0
What are the short sale deficiency judgment laws in Pennsylvania?
Wiki User
∙ 9y ago
Deficiency judgments are allowed in Pennsylvania if the mortgage company files a separate lawsuit against the borrowers after the original foreclosure auction.
If the mortgagee (usually the foreclosing bank) purchases the property at the auction, the amount of any deficiency judgment is limited by the fair market value of the property.
Wiki User
∙ 14y ago
Wiki User
∙ 9y agoWhen a lender forecloses on a mortgage, the total debt owed by the borrower to the lender frequently exceeds the foreclosuresale price. The difference between the sale price and the total debt is called a "deficiency."
Example. Say the total debt owed is $200,000, but the home only sells for $150,000 at the foreclosure sale. The deficiency is $50,000.
Add your answer:
Earn +20 pts
Can a judgment be placed on you due to a deficiency in a repossession?
Yes, the lender can file suit for the outstanding amount and if they receive a judgment they can execute the judgment in the manner in which the laws of the judgment debtor's state allow.
What are the deficiency judgment laws in Indiana?
If there is an agreement and an applicable waiting period is not waived, a deficiency judgment may be obtained on a mortgage in Indiana. This means that deficiency judgments in the state of Indiana are allowed by state statute if it is authorized by loan documents and if borrowers do not waive applicable waiting period.
What deficiency judgment laws in Maryland?
In Maryland, if a home is foreclosed on and the sale price does not cover the full amount owed, the lender can seek a deficiency judgment within three years of the foreclosure sale. However, there are various exemptions and limitations that may apply to protect homeowners from deficiency judgments in certain circumstances.
What are Colorado's laws regarding deficiency judgments after a non-judicial foreclosure?
Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.
What is the process for a deficiency judgment in Michigan?
In Michigan, deficiency judgments are allowed after a sheriff sale of a property in foreclosure. If the mortgagee (usually the bank or investor that owns the mortgage) purchases the property at the public auction and sells for less than its fair market value, homeowners may be able to raise this as a defense to limit the size of the deficiency judgment. Michigan foreclosure laws are discussed at the following section of the Michigan Code: Mich. Comp. Laws sections 600.3101 to 600.3180, 600.3201 to 600.3280
Do anti deficiency laws pertain to refinanced first mortgages?
According to the Anti Deficiency laws, anti deficiency laws applies to the refinanced first mortgage as long as the property is used as a primary residence of the purchaser.
Does Florida have anti-deficiency laws?
according to this website, NC does have an anti-deficiency provision. http://www.helocbasics.com/list-of-non-recourse-mortgage-states-and-anti-deficiency-statutes/
Whenyour home is in foreclosure can a bank auction it off at any price and leave you with the difference or are laws in place stating how much they can auction it for I live in Ohio?
They can sell it for $1.00 if it is a auction and you can be libel for a deficiency judgment.
What are the deficiency judgment laws in Arizona?
In Arizona, creditors can generally pursue a deficiency judgment after a foreclosure sale if the sale proceeds are not enough to cover the outstanding loan balance. There is a time limit within which creditors must file for a deficiency judgment, typically within 90 days of the foreclosure sale. Arizona also has anti-deficiency protections for certain types of loans, such as purchase money loans used to buy a single-family residence on two and a half acres or less.
Does Indiana have a anti deficiency law?
Anti deficiency laws are laws in a state that prohibits lenders from suing borrowers for deficiencies. In Indiana there are conditions that allow for Judgements to be issued.
Can repo company attach a lien on real property?
State laws vary but generally, a creditor can sue the debtor in court for any deficiency after the repossession and if successful can obtain a judgment. The creditor can then request a judgment lien from the court and once recorded in the land records the lien will attach to the debtor's real estate.
Pennsylvania laws on engagment?
There are no laws regarding engagement.
